leaking underground storage tank

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leaking underground storage tank (LUST)

An underground tank that is leaking or spilling hazardous fluids into the soil or groundwater. In 1986 Congress established the Leaking Underground Storage Tank (LUST) Trust Fund to

• Oversee cleanups by responsible parties

• Enforce cleanups by recalcitrant parties

• Pay for cleanups at sites where the owner or operator is unknown, unwilling, or unable to respond or which require emergency action.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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At the same time, the Legislature removed the requirement that the money be spent solely on cleaning up leaking underground storage tanks.
Commercial properties used for office space, warehousing, and light assembly can pose significant exposures from poorly installed or maintained heating, venting, and air conditioning systems, bad indoor air quality, improper chemical storage, and leaking underground storage tanks, to name a few.
A much smaller number of Americans are exposed to significantly higher levels of harmful chemicals in well water that is tainted by gasoline (from leaking underground storage tanks) or industrial solvents (from spills on soil).
Asbestos insulation, lead paint, high radon levels, leaking underground storage tanks, poor indoor air quality, or even the past misuse of a pesticide may reduce a property's market value.
Another area of environmental concern for the lakeshore is hazardous waste, which was discovered after leaking underground storage tanks were found to have been part of a land purchase.
"The most common source of hydrocarbon contamination is spillsites, followed by leaking underground storage tanks and associated piping."
Beginning in 1986, the so-called absolute pollution exclusion clause eliminated the sudden and accidental language and excluded coverage for virtually any pollution damage, including leaking underground storage tanks. However, regardless of recent policy changes, policies written before 1986 still provide valuable coverage if it can be shown that the leak began during those policy periods.